The key benchmark indices surged in opening trade on positive cues from the US market. US stocks edged higher after a raised buyout offer for Bear Stearns suggested that financial stocks may have reached a bottom in the US. Most of the Asian markets were in green, brokers said. All the sectoral indices on BSE were in green. Banking and IT stocks lead the rally. Jaiprakash Associates was the top gainer from the Sensex pack.
The BSE Midcaps and Smallcaps revered from their previous losses and were trading in a comfortable zone with a gain of over two per cent in the early trading session. Market breadth was strong and most of the scrips pared gains and were in good demand.
Index Heavyweights, Reliance Industries (RIL) rose 2.54 per cent to Rs 2256.80. The firm is reportedly evaluating a plan to set up its third refinery at Jamnagar in an ambitious project to reach a total capacity of 100 million metric tonne per annum (mmtpa), the largest at a single location in the world.
ICICI Bank soared 5.06 per cent to Rs 845.30. The bank has reportedly entered into a Rs 1,150 crore equity-cum-debt deal with Jaypee Infratech, a unit of Jaiprakash Associates. The bank has decided to pick up one per cent stake in Jaypee Infratech for Rs 250 crore.
Larsen&Toubro rose 2.43 per cent to Rs 3008.60, Jaiprakash Associates increased by 5.34 per cent at Rs 211, Reliance Energy was up by 4.26 per cent at Rs 1199, Infosys Technologies rose 3.90 per cent at Rs 1414.50, Wipro was up by 3.82 per cent at Rs 414 and Reliance Communication gained 3 per cent at Rs 524.
DLF was the top traded scrip on BSE in terms of turnover. The DLF counter clocked a turnover of Rs 103.67 crore on BSE. The stock was up 3.66 per cent at Rs 620.
As per provisional data, Foreign Institutional Investors (FIIs) purchased shares worth Rs 376.13 crore yesterday. Domestic Institutional Investors (DIIs) were net sellers of shares worth Rs 253.27 crore on the same day.
FIIs were net buyers of Rs 1,801.49 crore in the futures and options segment yesterday. They were net buyers of index futures to the tune of Rs 1,317.64 crore and bought index options worth Rs 165.39 crore. They were net buyers of stock futures to the tune of Rs 309.26 crore and bought stock options worth Rs 9.19 crore.